Newbie in REI
I am into real estate investing and I plan on a cash out refinance for a rental condo. I want to know if the condo association is not FHA certified? I am concerned that I may lose a good deal on a rental that’s not FHA certified. Not going through with the loan and paying with cash is an option. TIA! by jonathan154 from Arizona City, Arizona. Dec 30th 2021
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Cannot tell you if the complex is FHA approved from this info. Also you cannot do a refinance with FHA if property is an investment(rental). It would have to be conventional.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You are wise to be looking at these concerns. If a condo complex is not eligible for FHA financing, that can limit the pool of buyers when it is time to sell. Having a home that is highly desirable (and attainable) allows you to extract maximum value when you go to sell. We can take a look at the local market and specifically if the property may (or may not) be FHA eligible. Reach out and I'll see if I can help you. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300
Ask our community a question.
Get an answer
Related Questions
